Double Win For Kenyans As CBK Highlights Major Developments for Fuel and Dollar Days Before EPRA Review
In the face of concerns about possible increases in fuel costs due to market fluctuations in the Middle East, Kenyan citizens can find comfort as the Central Bank of Kenya (CBK) has pointed out encouraging developments in the fuel industry.
In its weekly analysis of the worldwide economy, CBK emphasized the significance of dollar supremacy and the prices of global oil as pivotal factors that will
For example, CBK pointed out that there was a decline in worldwide oil prices during the week due to the suggested truce between Israel and Hamas.
The disagreement between the pair posed potential threats to the worldwide production and export of oil.
Significantly, the International Monetary Fund (IMF) had conveyed apprehension regarding the possibility of the conflict spreading to the Middle East, a significant region known for its substantial oil exports.
“International oil prices declined during the week ending February 1, largely attributed to a ceasefire proposal that could put an end to the geopolitical tension between Israel and Hamas.
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“Murban oil price declined to USD80.47 per barrel on February 1 from USD80.72 per barrel on January 25,” read the report in part.
Conversely, reports indicated a decline in the value of the dollar relative to various currencies, including the Shilling.
“It exchanged at Ksh160.50 per US dollar on February 1, compared to Ksh160.80 per US dollar on January 25,” CBK reported.
Since the fuel importers acquire the goods in dollars, it is anticipated that there will be a slight decrease in the cost of importing.
As a result of the decline in worldwide prices and the prevalence of the US dollar, Kenyans may experience additional decreases in fuel prices in the upcoming weeks and months.
The Energy and Petroleum Regulatory Authority (EPRA) is anticipated to examine fuel prices on February 14th.
Presently, Super Petrol is priced at Ksh207.36, Diesel at Ksh196.47, and Kerosene at Ksh194.23 in Nairobi.
Double Win For Kenyans As CBK Highlights Major Developments for Fuel and Dollar Days Before EPRA Review
